MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Name : |
shanghai tex-prestige Co., Ltd. |
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Registered Office : |
Room 1206, Tower 19, |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
28.03.2003 |
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Com. Reg. No.: |
3102282033646 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Trading Garments,
Hats and Shoes, Textiles, Leather, etc; simple processing for related textile
products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 5,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
shanghai tex-prestige Co., Ltd.
ROOM 1206, TOWER
19, NO.
TEL: 86 (0)
21-54452166 FAX: 86 (0) 21-54452165
EXECUTIVE SUMMARY
INCORPORATION DATE : MARCH
28, 2003
REGISTRATION NO. : 3102282033646
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
26
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE : TRADING & SIMPLE PROCESSING
TURNOVER :
CNY 14,570,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 930,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.8317 = US$ 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: The given mobile number 13901774772 does not belong to
Charlie or any other staff in SC.
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on March 28, 2003.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders contribute its registered
capital jointly. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to extent of its
total assets. The characteristics of this form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered
business scope includes manufacturing and processing garments and textiles;
selling shoes & hats, arts & crafts (excluding gold jewelry), household
electric appliances, building materials, general merchandise, boxes & bags, hardware, leather and products; importing and exporting commodities and technologies
(with permits if needed).
SC is mainly
engaged in trading garments, hats & shoes, textiles, leather, etc; simple
processing for related textile products.
Mr. Chen Liangbing
has been legal representative and chairman of SC since March 2003.
SC is known to have approx. 26 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and head office in the commercial zone of Shanghai. Our checks
reveal that SC rents the total premise, but SC’s accountant refused to release
the gross area.
http://www.texprestige.com/
The design is professional and the content is well organized. At present it is
in English version.
Email: rebecca@texprestige.com
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
|
2006-05 |
Chinese Name |
上海辰缘服饰有限公司 |
上海亮日实业有限公司 |
SC’s English name remains the same.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Chen Liangbing 70
Zha Rikai (Charlie) 30
Note: Charlie’s mobile number is
13829259055.
l
Legal representative, chairman and general
manager:
Mr. Chen Liangbing , about 42 years old. He is currently responsible for
the overall management of SC.
Working Experience(s):
From 2003 to present Working
in SC as chairman, legal representative and general manager.
SC is mainly
engaged in trading garments, hats & shoes, textiles, leather, etc; simple processing
for related textile products.
Main products: Garments, Hosiery, Underwear, Booties, etc.
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 10% of its products in domestic
market, and 90% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
SC is
not known to have any subsidiary at present.
Overall payment appraisal :
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment
experience (through current enquiry with SC's suppliers), our delinquent
payment and our debt collection record concerning SC.
Trade payment experience : SC did not
provide any name of trade/service suppliers and we have no other sources to
conduct the enquiry at present.
Delinquent
payment record : None in our database.
Debt collection record :No overdue amount owed by SC was placed to us for
collection within the last 6 years.
Huaxia Bank
AC#135796-00810242059
Relationship:
Balance Sheet
Unit: CNY’000
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as of Dec. 31,
2006 |
as of Dec. 31,
2007 |
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Cash & bank |
206 |
608 |
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Inventory |
39 |
39 |
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Accounts
receivable |
9 |
9 |
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Advances to
supplies |
4 |
438 |
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Other
receivables |
0 |
-1 |
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Subsidies
receivable |
55 |
504 |
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Prepaid expenses |
1 |
18 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
314 |
1,615 |
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Fixed assets |
4,322 |
4,469 |
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Fixed assets net
value |
4,299 |
4,232 |
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Projects under
construction |
0 |
0 |
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Long-term
investments |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
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------------------ |
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Total assets |
4,613 |
5,847 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
839 |
985 |
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Advances from
customers |
58 |
538 |
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Accrued payroll |
0 |
0 |
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Welfares payable |
4 |
15 |
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Dividends
payable |
30 |
30 |
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Taxes payable |
3 |
22 |
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Other Accounts
payable |
2,834 |
3,327 |
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Other current
liabilities |
0 |
0 |
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----------------- |
----------------- |
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Current
liabilities |
3,768 |
4,917 |
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Long term
liabilities |
0 |
0 |
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------------------ |
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Total
liabilities |
3,768 |
4,917 |
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Shareholders
equities |
845 |
930 |
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Total
liabilities & equities |
4,613 |
5,847 |
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Income Statement
Unit: CNY’000
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as of Dec. 31,
2006 |
as of Dec. 31,
2007 |
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Turnover |
10,154 |
14,570 |
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Cost of goods
sold |
10,945 |
13,525 |
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Sales expense |
544 |
919 |
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Management expense |
0 |
0 |
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Finance expense |
13 |
-1 |
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Non-operating
income |
1,204 |
0 |
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Operation Profit |
-144 |
126 |
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Less: profit tax |
17 |
41 |
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Net profit |
-161 |
85 |
Important Ratios
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as of Dec. 31,
2006 |
as of Dec. 31,
2007 |
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*Current ratio |
0.08 |
0.33 |
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*Quick ratio |
0.07 |
0.32 |
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*Liabilities
to assets |
0.82 |
0.84 |
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*Net profit
margin (%) |
-1.59 |
0.58 |
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*Return on
total assets (%) |
-3.49 |
1.45 |
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*Inventory
/Turnover ×365 |
2 days |
1 days |
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*Accounts receivable/Turnover
×365 |
1 days |
1 days |
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*Turnover/Total
assets |
2.20 |
2.49 |
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* Cost of
goods sold/Turnover |
1.08 |
0.93 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average in its line.
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SC’s net profit margin is fair in 2006, and it is
average in 2007.
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SC’s return on total assets is fair in 2006, and it
is average in 2007.
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SC’s cost of goods sold is fairly high in 2007,
comparing with its turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a poor
level in both two years.
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SC’s quick ratio is maintained in a fair level in
both two years.
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The inventory of SC is maintained in an average
level in both two years.
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The accounts receivable of SC is maintained in an
average level in both two years.
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SC has no short-term loan in both two years.
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SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable
financial conditions. The given credit amount would appear to be beyond SC’s
capacities, while a credit line up to USD 5,000 is recommended upon a
periodical review basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.97 |
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1 |
Rs.75.45 |
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Euro |
1 |
Rs.64.21 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)